Thursday, 03 February 2011
Leading ATM provider predicts three key industry trends expected to impact the retail banking industry
AUSTIN, Texas--(BUSINESS WIRE)--Wincor Nixdorf, one of the world’s leading providers of IT solutions and services to retailers and retail banks, today announced the top three trends that it expects U.S. retail banks to focus on this year.
“The various regulatory changes in 2010 have resulted in an increased number of banks looking to cut costs and become more profitable through channels such as the ATM,” said Alan Walsh, the Executive Vice President for Wincor Nixdorf’s U.S. Banking Division. “This year, the retail banking industry will make strategic investments in more sophisticated ATMs to offer their customers more features and functionality as well as the advanced protection against ATM fraud.”
Wincor Nixdorf predicts the following trends will shape the retail banking and ATM industry this year:
- Automation: As the retail banking industry grapples with the loss of revenue from overdraft charges, automation is becoming a necessity. According a recent Wincor Nixdorf survey, consumers continue to demand more features and functionality at their ATM. Therefore, there has never been a better time for banks to embrace technology such as envelope-less cash/check deposit which significantly reduces costs related to cash handling. Retail banks that offer this will realize a competitive advantage, as well. The survey also revealed that, if all else was equal, and one bank offered envelope-less cash and check deposit and another didn’t, consumers prefer the bank with this functionality.
- Security: As the ATM increasingly becomes one of the primary interaction points between retail banks and their customer base, banks will need to protect their customers by investing in more sophisticated security measures. This will not only protect ATM users, it will reduce the risk of the bank loosing both money and customers. With more sophisticated security software, retail bank managers can monitor and control their ATM networks anytime, anywhere. This will significantly reduce the time and costs spent on securing the ATM and will provide managers with assurance that their ATMs are less vulnerable to fraud.
- Flexible Software: Banks will look to adopt more innovative and flexible software this year to fully leverage the ATM channel. Flexibility allows the bank to enhance their ATMs and constantly improve their offerings to engage, communicate and remain at the forefront of the customer’s financial needs. Advanced software will also allow retail banks to have a more personalized interaction with their customers, with customized fast-cash withdrawal amounts or even targeted promotions such as a mortgage rate for 30-year-olds or a college savings account for middle-aged users. Innovative software will be embraced this year more than ever because the ATM will increasingly become a central hub for all of the customer’s financial needs such as person-to-person payments or bill payments, as well as applying for loans and opening new accounts.
About Wincor Nixdorf
Wincor Nixdorf is one of the world’s leading providers of IT solutions and services to retailers and retail banking. In the retail banking market, the company provides services and solutions to 20 of the world’s top 25 banks, among others. Wincor’s portfolio of hardware, software, maintenance, services and consulting solutions is directed toward continual refinement, automation, and monetization of the retail banking process, while also focusing on enhancement of the customer experience.
In January 2010, Wincor Nixdorf introduced its new, technologically advanced CINEO family of solutions. CINEO’s hardware, software, services and consulting offerings comprise the world’s first integrated technology solution, from any manufacturer, that is designed to provide unprecedented levels of security and cost savings while giving financial institutions and retailers comprehensive cash auditing capabilities across diverse business sectors.
Wincor Nixdorf has a presence in more than 100 countries and annual sales revenue of more than $3 billion. Headquartered in Paderborn, Germany, with manufacturing plants there and in Singapore, the company’s U.S. operations are based in Austin, Texas. For more information, visit www.wincor-nixdorf.com/usa.